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Housing price gradients in a geography with one dominating center

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Author Info

  • Osland, Liv

    ()
    (Stord/Haugesund University College)

  • Thorsen, Inge

    ()
    (Stord/Haugesund University College)

  • Gitlesen, Jens Petter

    ()
    (University of Stavanger)

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    Abstract

    We primarily focus on explaining housing prices and predicting housing price gradients in a Norwegian region with one dominating center (Stavanger). For such a geography spatial separation can be represented in a hedonic regression equation by a function of traveling distance from the city center. Several functions are tested, and some alternatives provide both a satisfying goodness-to-fit, consistent coefficient estimates, and intuitively reasonable predictions of housing price gradients. Still, not all commonly used functions are recommended. Spatial autocorrelation is removed when the hedonic function is properly specified.

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    Bibliographic Info

    Paper provided by University of Bergen, Department of Economics in its series Working Papers in Economics with number 06/05.

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    Length: 29 pages
    Date of creation: 17 Mar 2005
    Date of revision:
    Handle: RePEc:hhs:bergec:2005_006

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    Postal: Institutt for √łkonomi, Universitetet i Bergen, Postboks 7802, 5020 Bergen, Norway
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    Web page: http://www.uib.no/econ/en
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    Related research

    Keywords: hedonic regression model; housing attributes; functional representation of spatial separation; spatial autocorrelation; housing price gradient; capitalization;

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    Cited by:
    1. Liv Osland & Inge Thorsen, 2006. "Testing for the Impact of Local Labour Market Characteristics on House Prices," ERSA conference papers ersa06p490, European Regional Science Association.
    2. Liv Osland & Inge Thorsen, 2006. "Evaluating Housing Price Predictability of Alternative Hedonic Model Formulations," ERSA conference papers ersa06p492, European Regional Science Association.

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